Amalgamation of societies
s 74
Open ↗74.—(1) Any 2 or more societies may, at extraordinary general meetings specially called for the purpose after due notice, resolve to amalgamate into one society. (2) The resolution to amalgamate into one society must be passed at the extraordinary general meetings by at least three‑quarters of the members present and voting. (3) Whenever an amalgamation involves the transfer of liabilities by one society to another society, 3 months’ notice of the amalgamation must be given to all creditors of the amalgamating societies. (4) Creditors of any of the amalgamating societies are entitled to a refund of any sum due to them if they make a written demand to this effect at least one month before the date fixed for the amalgamation, but if the amalgamating societies can obtain the prior agreement in writing of at least three‑quarters in value of the creditors not to make a demand for such a refund, then, in that event, the agreement is binding on all the creditors. (5) A member of the amalgamating societies may, despite any by‑law to the contrary, by written notice given to the member’s society at least one month before the date specified as the date of amalgamation declare the member’s intention not to become a member of the amalgamated society. (6) If the Registrar is satisfied that —(a) the proposed amalgamation is not against the interests of the members of the societies proposing the amalgamation; (b) the matters specified in section 9(1)(a), (b) and (c) and, where the proposed amalgamated society proposes to provide any financial service, the matters specified in section 9(3)(a) to (f), are met; and (c) all requirements laid down in subsections (1), (2) and (3) have been complied with, the Registrar must register the amalgamated society and its by‑laws, upon which — (d) the registration of all the amalgamating societies is cancelled, and the amalgamating societies are dissolved; (e) the registration of the amalgamated society is a sufficient conveyance to vest the assets and liabilities of the amalgamating societies in the amalgamated society; (f) the remaining members of the amalgamating societies become members of the amalgamated society subject to its by‑laws; and (g) the creditors of the amalgamating societies or any other persons who have claims against the amalgamating societies, and whose claims were not satisfied before the registration of the amalgamated society may pursue their claims or causes of action against the amalgamated society.